News & Events zu Agnico Eagle Mines Limited (AEM)AEMAgnico Eagle Mines Limited

Agnico Eagle Acquires Radisson Mining for C$57.16 Million

Agnico Eagle Mines announced that it has entered into a subscription agreement dated August 24 with Radisson Mining Resources, pursuant to which Agnico Eagle agreed to acquire, in a non-brokered private placement, 53,420,000 units of Radisson at a price of C$1.07 per Unit for total consideration of C$57,159,400. Each Unit is comprised of one Class A common share of Radisson and one-half of one common share purchase warrant of Radisson. Each Warrant entitles the holder to acquire one Common Share at a price of C$1.39 for a period of sixty months following the closing date of the Private Placement, subject to acceleration in certain circumstances. The Private Placement is subject to certain closing conditions, including approval of the TSX Venture Exchange, and is expected to close on or about September 2.

Agnico Eagle Acquires 8.696 Million Shares of Cadillac at C$6.90

Agnico Eagle Mines announced that it has entered into a subscription agreement dated July 23 with Cadillac Mines, pursuant to which Agnico Eagle agreed to acquire 8,696,000 common shares of Cadillac at a price of C$6.90 per Common Share for total consideration of C$60,002,400. The Private Placement is subject to certain closing conditions, including the closing of Cadillac's initial public offering of Common Shares pursuant to Cadillac's final long form base PREP prospectus dated July 23. The Private Placement is expected to close on or about August 5. Prior to entering into the Subscription Agreement, Agnico Eagle owned 22,821,028 Common Shares, representing approximately 9.70% of the issued and outstanding Common Shares on a non-diluted basis. On closing of the Private Placement, Agnico Eagle is expected to own 31,517,028 Common Shares, representing approximately 11.09% of the issued and outstanding Common Shares on a non-diluted basis after giving effect to the IPO and all other security issuances completed by Cadillac concurrently with the Private Placement. Pursuant to a subscription agreement dated July 25, 2023 between Agnico Eagle and Cadillac, Agnico Eagle is entitled to certain rights, including the right to participate in equity financings in order to maintain its pro rata ownership interest in Cadillac at the time of such financing.

Agnico Eagle Suspends Barnat Mining Due to Rock Movement

Agnico Eagle reports that a rock mass movement occurred on July 1 along the north wall of the Barnat open pit at the Canadian Malartic complex in Quebec, Canada. There were no injuries, equipment damage or environmental impact as a result of the event. As a precautionary measure, the company has temporarily suspended mining operations in the Barnat open pit. The company's technical teams are conducting a geotechnical assessment to confirm stability and determine the appropriate path forward. During the suspension of in-pit mining operations, the Canadian Malartic processing plant will be supplied with low-grade ore from existing stockpiles in place of planned Barnat ore feed. This approach is expected to help mitigate the near-term impact on production. Production in Q2 was not affected and the company expects production for Q2 of approximately 845K ounces of gold, slightly ahead of plan. However, based on currently available information, the company expects the rock mass movement to reduce production in the second half of 2026 at Canadian Malartic by approximately 60K-80K ounces of gold. Accordingly, the company expects full year 2026 production to be near the lower end of its previously disclosed guidance range of 3.3M-3.5M ounces of gold. The Barnat open pit was expected to be mined out by early 2029. The event is currently expected to result in reduced production in both 2027 and 2028 of up to approximately 150K ounces of gold per year. The company is continuing to evaluate opportunities to mitigate this potential impact to its production outlook. The company believes that the rock mass movement will not affect the development or production outlook for the Odyssey mine and does not change the pathway to achieving annual production of 1M ounces of gold from the Canadian Malartic complex in the early 2030s.